Hess (HES) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-1204
Entity Registrant Name	HESS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4921002
Entity Address, Address Line One	1185 AVENUE OF THE AMERICAS
Entity Address, City or Town	NEW YORK
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	997-8500
Title of 12(b) Security	Common Stock
Trading Symbol	HES
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	307,061,031
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000004447
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,226	$ 2,486
Accounts receivable:
From contracts with customers	868	1,041
Joint venture and other	151	121
Inventories	278	217
Other current assets	181	66
Total current assets	3,704	3,931
Property, plant and equipment:
Total — at cost	34,073	32,592
Less: Reserves for depreciation, depletion, amortization and lease impairment	18,332	17,494
Property, plant and equipment — net	15,741	15,098
Operating lease right-of-use assets — net	515	570
Finance lease right-of-use assets — net	117	126
Goodwill	360	360
Deferred income taxes	214	133
Post-retirement benefit assets	664	648
Other assets	915	829
Total Assets	22,230	21,695
Current Liabilities:
Accounts payable	350	285
Accrued liabilities	1,754	1,840
Taxes payable	69	47
Current portion of long-term debt	8	3
Current portion of operating and finance lease obligations	222	221
Total current liabilities	2,403	2,396
Long-term debt	8,459	8,278
Long-term operating lease obligations	407	469
Long-term finance lease obligations	168	179
Deferred income taxes	497	418
Asset retirement obligations	960	1,034
Other liabilities and deferred credits	434	425
Total Liabilities	13,328	13,199
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized - 600,000,000 shares, Issued - 307,051,889 shares (2022: 306,176,864)	307	306
Capital in excess of par value	6,442	6,206
Retained earnings	1,670	1,474
Accumulated other comprehensive income (loss)	(147)	(131)
Total Hess Corporation stockholders’ equity	8,272	7,855
Noncontrolling interests	630	641
Total Equity	8,902	8,496
Total Liabilities and Equity	$ 22,230	$ 21,695

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	307,061,031	306,176,864

STATEMENT OF CONSOLIDATED INCOM

STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues and Non-Operating Income
Sales and other operating revenues	$ 2,289	$ 2,955	$ 4,700	$ 5,268
Gains on asset sales, net	0	3	0	25
Other, net	31	30	73	66
Total revenues and non-operating income	2,320	2,988	4,773	5,359
Costs and Expenses
Marketing, including purchased oil and gas	547	843	1,150	1,525
Operating costs and expenses	454	356	836	669
Production and severance taxes	46	67	94	128
Exploration expenses, including dry holes and lease impairment	99	33	165	76
General and administrative expenses	108	95	244	205
Interest expense	122	121	245	244
Depreciation, depletion and amortization	497	391	988	728
Impairment and other	82	0	82	0
Total costs and expenses	1,955	1,906	3,804	3,575
Income Before Income Taxes	365	1,082	969	1,784
Provision for income taxes	160	328	336	525
Net Income	205	754	633	1,259
Less: Net income attributable to noncontrolling interests	86	87	168	175
Net Income Attributable to Hess Corporation	$ 119	$ 667	$ 465	$ 1,084
Net Income Attributable to Hess Corporation Per Common Share:
Basic (in dollars per share)	$ 0.39	$ 2.15	$ 1.52	$ 3.50
Diluted (in dollars per share)	$ 0.39	$ 2.15	$ 1.51	$ 3.49
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	306,000	309,700	305,700	309,300
Diluted (in shares)	307,500	310,900	307,400	310,600
Common Stock Dividends Per Share (in dollars per share)	$ 0.4375	$ 0.3750	$ 0.8750	$ 0.7500

STATEMENT OF CONSOLIDATED COMPR

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 205	$ 754	$ 633	$ 1,259
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	52	163	86	255
Income taxes on effect of hedge (gains) losses reclassified to income	0	0	0	0
Net effect of hedge (gains) losses reclassified to income	52	163	86	255
Change in fair value of cash flow hedges	(73)	(39)	(90)	(494)
Income taxes on change in fair value of cash flow hedges	0	0	0	0
Net change in fair value of cash flow hedges	(73)	(39)	(90)	(494)
Change in derivatives designated as cash flow hedges, after taxes	(21)	124	(4)	(239)
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	(13)	152	(13)	152
Income taxes on actuarial changes in plan liabilities	0	0	0	0
(Increase) reduction in unrecognized actuarial losses, net	(13)	152	(13)	152
Amortization of net actuarial losses	1	5	1	8
Income taxes on amortization of net actuarial losses	0	0	0	0
Net effect of amortization of net actuarial losses	1	5	1	8
Change in pension and other postretirement plans, after taxes	(12)	157	(12)	160
Other Comprehensive Income (Loss)	(33)	281	(16)	(79)
Comprehensive Income	172	1,035	617	1,180
Less: Comprehensive income attributable to noncontrolling interests	86	87	168	175
Comprehensive Income Attributable to Hess Corporation	$ 86	$ 948	$ 449	$ 1,005

STATEMENT OF CONSOLIDATED CASH

STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities
Net income	$ 633	$ 1,259
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Gains) losses on asset sales, net	0	(25)
Depreciation, depletion and amortization	988	728
Impairment and other	82	0
Exploratory dry hole costs	93	0
Exploration lease impairment	13	10
Pension settlement loss	0	2
Stock compensation expense	53	49
Noncash (gains) losses on commodity derivatives, net	52	218
Provision for deferred income taxes and other tax accruals	92	174
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(14)	(529)
(Increase) decrease in inventories	(61)	(94)
Increase (decrease) in accounts payable and accrued liabilities	(119)	100
Increase (decrease) in taxes payable	22	(387)
Changes in other operating assets and liabilities	(222)	(152)
Net cash provided by (used in) operating activities	1,612	1,353
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(1,551)	(1,098)
Additions to property, plant and equipment - Midstream	(107)	(111)
Proceeds from asset sales, net of cash sold	0	28
Other, net	4	0
Net cash provided by (used in) investing activities	(1,662)	(1,181)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	180	(13)
Debt with maturities of greater than 90 days – Borrowings	0	400
Debt with maturities of greater than 90 days - Repayments	0	(510)
Cash dividends paid	(271)	(235)
Payments for Repurchase of Common Stock	(20)	(190)
Proceeds from sale of Class A shares of Hess Midstream LP	167	146
Noncontrolling interests, net	(263)	(351)
Employee stock options exercised	4	40
Payments on finance lease obligations	(4)	(4)
Other, net	(3)	(9)
Net cash provided by (used in) financing activities	(210)	(726)
Net Increase (Decrease) in Cash and Cash Equivalents	(260)	(554)
Cash and Cash Equivalents at Beginning of Year	2,486	2,713
Cash and Cash Equivalents at End of Period	$ 2,226	$ 2,159

STATEMENT OF CONSOLIDATED EQUIT

STATEMENT OF CONSOLIDATED EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par	Retained Earnings	Accumulated Other Comprehensive Loss	Total Hess Stockholders' Equity	Noncontrolling Interests
Balance at Dec. 31, 2021	$ 7,026	$ 310	$ 6,017	$ 379	$ (406)	$ 6,300	$ 726
Net Income	1,259			1,084		1,084	175
Other comprehensive income (loss)	(79)				(79)	(79)
Share-based compensation	92	2	90			92
Dividends on common stock	(233)			(233)		(233)
Sale of Class A shares of Hess Midstream LP	218		130			130	88
Repurchase of Class B units of Hess Midstream Operations LP	(183)		(32)			(32)	(215)
Common stock acquired and retired	(190)	(2)	(33)	(155)		(190)
Noncontrolling interests, net	(152)						(152)
Balance at Jun. 30, 2022	7,758	310	6,236	1,075	(485)	7,136	622
Balance at Mar. 31, 2022	7,048	311	6,083	680	(766)	6,308	740
Net Income	754			667		667	87
Other comprehensive income (loss)	281				281	281
Share-based compensation	25	1	24			25
Dividends on common stock	(117)			(117)		(117)
Sale of Class A shares of Hess Midstream LP	218		130			130	88
Repurchase of Class B units of Hess Midstream Operations LP	(183)		(32)			(32)	(215)
Common stock acquired and retired	(190)	(2)	(33)	(155)		(190)
Noncontrolling interests, net	(78)						(78)
Balance at Jun. 30, 2022	7,758	310	6,236	1,075	(485)	7,136	622
Balance at Dec. 31, 2022	8,496	306	6,206	1,474	(131)	7,855	641
Net Income	633			465		465	168
Other comprehensive income (loss)	(16)				(16)	(16)
Share-based compensation	60	1	59			60
Dividends on common stock	(269)			(269)		(269)
Sale of Class A shares of Hess Midstream LP	251		158			158	93
Repurchase of Class B units of Hess Midstream Operations LP	(90)		(19)			(19)	(109)
Common stock acquired and retired	(20)
Noncontrolling interests, net	(163)						(163)
Balance at Jun. 30, 2023	8,902	307	6,442	1,670	(147)	8,272	630
Balance at Mar. 31, 2023	8,721	307	6,254	1,686	(114)	8,133	588
Net Income	205			119		119	86
Other comprehensive income (loss)	(33)				(33)	(33)
Share-based compensation	19	0	19			19
Dividends on common stock	(135)			(135)		(135)
Sale of Class A shares of Hess Midstream LP	251		158			158
Repurchase of Class B units of Hess Midstream Operations LP	(44)		11			11	(55)
Noncontrolling interests, net	(82)						(82)
Balance at Jun. 30, 2023	$ 8,902	$ 307	$ 6,442	$ 1,670	$ (147)	$ 8,272	$ 630

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position at June 30, 2023 and December 31, 2022, the consolidated results of operations for the three and six months ended June 30, 2023 and 2022, and consolidated cash flows for the six months ended June 30, 2023 and 2022. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by generally accepted accounting principles (GAAP) in the United States have been condensed or omitted from these interim financial statements. These statements, therefore, should be read in conjunction with the consolidated financial statements and related notes included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories consisted of the following: June 30, December 31, (In millions) Crude oil and natural gas liquids $ 84 $ 63 Materials and supplies 194 154 Total Inventories $ 278 $ 217

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	3. Property, Plant and Equipment Capitalized Exploratory Well Costs: The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the six months ended June 30, 2023 (in millions): Balance at January 1, 2023 $ 886 Additions to capitalized exploratory well costs pending the determination of proved reserves 128 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (78) Capitalized exploratory well costs charged to expense (6) Balance at June 30, 2023 $ 930 In the first six months, additions to capitalized exploratory well costs pending determination of proved reserves primarily related to wells drilled on the Stabroek Block (Hess 30%), offshore Guyana, and the Pickerel-1 exploration well (Hess 100%) in the Gulf of Mexico on Mississippi Canyon Block 727. Reclassifications to wells, facilities and equipment based on the determination of proved reserves resulted from the sanction of the Uaru Field development project, the fifth sanctioned project on the Stabroek Block. At June 30, 2023, 32 exploration and appraisal wells on the Stabroek Block, with a total cost of $738 million, were capitalized pending determination of proved reserves. The preceding table excludes well costs of $87 million that were incurred and expensed during the first six months of 2023. At June 30, 2023, exploratory well costs capitalized for greater than one year following completion of drilling of $653 million was comprised of the following: Guyana: Approximately 85% of the capitalized well costs in excess of one year relate to successful exploration wells where hydrocarbons were encountered on the Stabroek Block. The operator also plans further appraisal drilling on the block and is conducting pre-development planning for additional phases of development. U.S.: Approximately 8% of the capitalized well costs in excess of one year relate to the Huron-1 exploration well (Hess 40%) located on Green Canyon Block 69 in the Gulf of Mexico, where oil bearing reservoirs were encountered. Well results are being evaluated and planning for appraisal activities is underway. Joint Development Area (JDA): Approximately 6% of the capitalized well costs in excess of one year relate to the JDA (Hess 50%) in the Gulf of Thailand, where hydrocarbons were encountered in three successful exploration wells drilled in the western part of Block A-18. The operator has submitted a development plan concept to the regulator to facilitate ongoing commercial negotiations for an extension of the existing gas sales contract to include development of the western part of the block. Malaysia: Approximately 1% of the capitalized well costs in excess of one year relate to the North Malay Basin (Hess 50%), offshore Peninsular Malaysia, where hydrocarbons were encountered in one successful exploration well. Pre-development studies are ongoing.

Hess Midstream LP

Hess Midstream LP	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess Midstream LP	4. Hess Midstream LP At June 30, 2023, Hess Midstream LP (Hess Midstream), a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $3,201 million (December 31, 2022: $3,027 million) that are on a nonrecourse basis to Hess Corporation, while Hess Midstream assets available to settle the obligations of Hess Midstream included cash and cash equivalents totaling $3 million (December 31, 2022: $3 million), property, plant and equipment with a carrying value of $3,188 million (December 31, 2022: $3,173 million) and an equity-method investment in the Little Missouri 4 (LM4) gas processing plant of $93 million (December 31, 2022: $94 million). Hess Corporation owns an approximate 38% interest in Hess Midstream LP, on a consolidated basis, at June 30, 2023. LM4 is a 200 million standard cubic feet per day gas processing plant located south of the Missouri River in McKenzie County, North Dakota, that was constructed as part of a 50/50 joint venture between Hess Midstream and Targa Resources Corp. Hess Midstream has a natural gas processing agreement with LM4 under which it pays a processing fee and reimburses LM4 for its proportionate share of electricity costs. The processing fees included in Operating costs and expenses in the Statement of Consolidated Income for the three and six months ended June 30, 2023 were $6 million and $11 million respectively, compared with $4 million and $9 million for the three and six months ended June 30, 2022, respectively. In June 2023, Hess Midstream Operations LP (HESM Opco), a consolidated subsidiary of Hess Midstream LP, repurchased approximately 3.4 million HESM Opco Class B units held by a subsidiary of Hess Corporation and an affiliate of Global Infrastructure Partners (GIP) for $100 million, which was financed by HESM Opco's revolving credit facility. The transaction resulted in an increase in Capital in excess of par and a decrease in Noncontrolling interests of $11 million, and an increase in deferred tax assets and Noncontrolling interests of $6 million resulting from a change in the difference between the carrying value and tax basis of Hess Midstream LP's investment in HESM Opco. The $50 million paid to GIP reduced Noncontrolling interests . In May 2023, Hess Midstream LP completed an underwritten public equity offering of approximately 12.8 million Hess Midstream LP Class A shares held by a subsidiary of Hess Corporation and an affiliate of GIP. We received net proceeds of $167 million from the public offering. The transaction resulted in an increase in Capital in excess of par and Noncontrolling interests of $158 million and $93 million, respectively. The increase to Noncontrolling interests of $93 million is comprised of $9 million resulting from the change in ownership interest and $84 million from an increase to deferred tax assets resulting from a change in the difference between the carrying value and tax basis of Hess Midstream LP's investment in HESM Opco. In March 2023, HESM Opco repurchased approximately 3.6 million HESM Opco Class B units held by a subsidiary of Hess Corporation and an affiliate of GIP for $100 million, which was financed by HESM Opco's revolving credit facility. The transaction resulted in an increase in Capital in excess of par and a decrease in Noncontrolling interests of $8 million, and an increase in deferred tax assets and Noncontrolling interests of $4 million resulting from a change in the difference between the carrying value and tax basis of Hess Midstream LP's investment in HESM Opco. The $50 million paid to GIP reduced Noncontrolling interests . In April 2022, Hess Midstream LP completed an underwritten public equity offering of approximately 10.2 million Hess Midstream LP Class A shares held by a subsidiary of Hess Corporation and an affiliate of GIP. We received net proceeds of $146 million from the public offering. The transaction resulted in an increase in Capital in excess of par and Noncontrolling interests of $130 million and $88 million, respectively. The increase to Noncontrolling interests of $88 million is comprised of $16 million resulting from the change in ownership interest and $72 million from an increase to deferred tax assets resulting from a change in the difference between the carrying value and tax basis of Hess Midstream LP's investment in HESM Opco. Concurrent with the April 2022 public offering, HESM Opco repurchased approximately 13.6 million HESM Opco Class B units held by a subsidiary of Hess Corporation and an affiliate of GIP for $400 million. HESM Opco issued $400 million in aggregate principal amount of 5.500% fixed-rate senior unsecured notes due 2030 in a private offering to repay borrowings under its revolving credit facility used to finance the repurchase. The transaction resulted in an increase in Capital in excess of par and a decrease in Noncontrolling interests of $32 million, and an increase in deferred tax assets and Noncontrolling interests of $17 million resulting from a change in the difference between the carrying value and tax basis of Hess Midstream LP's investment in HESM Opco. The $200 million paid to GIP reduced Noncontrolling interests .

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued Liabilities consisted of the following: June 30, December 31, (In millions) Accrued capital expenditures $ 589 $ 499 Accrued operating and marketing expenditures 400 522 Current portion of asset retirement obligations 241 207 Accrued payments to royalty and working interest owners 179 201 Accrued interest on debt 144 143 Accrued compensation and benefits 76 132 Other accruals 125 136 Total Accrued Liabilities $ 1,754 $ 1,840

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	6. Revenue Revenue from contracts with customers on a disaggregated basis was as follows (in millions): Exploration and Production Midstream Eliminations Total United States Guyana Malaysia and JDA Other (a) E&P Total Three Months Ended June 30, 2023 Sales of net production volumes: Crude oil revenue $ 710 $ 787 $ 24 $ — $ 1,521 $ — $ — $ 1,521 Natural gas liquids revenue 112 — — — 112 — — 112 Natural gas revenue 38 — 182 — 220 — — 220 Sales of purchased oil and gas 469 15 — — 484 — — 484 Intercompany revenue — — — — — 322 (322) — Total sales (b) 1,329 802 206 — 2,337 322 (322) 2,337 Other operating revenues (c) (30) (20) — — (50) 2 — (48) Total sales and other operating revenues $ 1,299 $ 782 $ 206 $ — $ 2,287 $ 324 $ (322) $ 2,289 Three Months Ended June 30, 2022 Sales of net production volumes: Crude oil revenue $ 895 $ 681 $ 37 $ 170 $ 1,783 $ — $ — $ 1,783 Natural gas liquids revenue 173 — — — 173 — — 173 Natural gas revenue 126 — 215 5 346 — — 346 Sales of purchased oil and gas 761 18 — 36 815 — — 815 Intercompany revenue — — — — — 314 (314) — Total sales (b) 1,955 699 252 211 3,117 314 (314) 3,117 Other operating revenues (c) (95) (52) — (15) (162) — — (162) Total sales and other operating revenues $ 1,860 $ 647 $ 252 $ 196 $ 2,955 $ 314 $ (314) $ 2,955 Six Months Ended June 30, 2023 Sales of net production volumes: Crude oil revenue $ 1,379 $ 1,612 $ 53 $ — $ 3,044 $ — $ — $ 3,044 Natural gas liquids revenue 253 — — — 253 — — 253 Natural gas revenue 92 — 362 — 454 — — 454 Sales of purchased oil and gas 996 32 — — 1,028 — — 1,028 Intercompany revenue — — — — — 625 (625) — Total sales (b) 2,720 1,644 415 — 4,779 625 (625) 4,779 Other operating revenues (c) (56) (27) — — (83) 4 — (79) Total sales and other operating revenues $ 2,664 $ 1,617 $ 415 $ — $ 4,696 $ 629 $ (625) $ 4,700 Six Months Ended June 30, 2022 Sales of net production volumes: Crude oil revenue $ 1,731 $ 907 $ 68 $ 316 $ 3,022 $ — $ — $ 3,022 Natural gas liquids revenue 354 — — — 354 — — 354 Natural gas revenue 211 — 405 10 626 — — 626 Sales of purchased oil and gas 1,421 22 — 71 1,514 — — 1,514 Intercompany revenue — — — — — 626 (626) — Total sales (b) 3,717 929 473 397 5,516 626 (626) 5,516 Other operating revenues (c) (153) (67) — (28) (248) — — (248) Total sales and other operating revenues $ 3,564 $ 862 $ 473 $ 369 $ 5,268 $ 626 $ (626) $ 5,268 (a) Other includes our interest in the Waha Concession in Libya, which was sold in November 2022. (b) Guyana crude oil revenue includes $88 million and $196 million of revenue from non-customers for the three and six months ended June 30, 2023, respectively. There was no revenue from non-customers for the three and six months ended June 30, 2022. (c) Other operating revenues are not a component of revenues from contracts with customers, and primarily includes gains (losses) on commodity derivatives. There have been no significant changes to contracts with customers or the composition thereof during the six months ended June 30, 2023. Generally, we receive payments from customers on a monthly basis, shortly after the physical delivery of the crude oil, natural gas liquids, or natural gas. At June 30, 2023, contract liabilities of $27 million (December 31, 2022: $24 million) were primarily due to a take-or-pay deficiency payment received in the fourth quarter of 2021 that is subject to a make-up period expiring in December 2023. At June 30, 2023 and December 31, 2022, there were no contract assets.

Impairment and Other

Impairment and Other	6 Months Ended
	Jun. 30, 2023
Asset Impairment Charges [Abstract]
Impairment and Other	7. Impairment and OtherIn the second quarter of 2023, we recognized a pre-tax charge of $82 million ($82 million after income taxes) that resulted from revisions to estimated costs to abandon certain wells, pipelines and production facilities in the West Delta Field in the Gulf of Mexico. These abandonment obligations were assigned to us as a former owner after they were discharged from Fieldwood Energy LLC as part of its approved bankruptcy plan in 2021

Retirement Plans

Retirement Plans	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Retirement Plans	8. Retirement Plans Components of net periodic benefit cost consisted of the following: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Service cost $ 10 $ 12 $ 19 $ 25 Interest cost (a) 25 17 50 33 Expected return on plan assets (a) (40) (52) (79) (105) Amortization of unrecognized net actuarial losses (a) 1 3 1 6 Settlement loss (a) — 2 $ — $ 2 Net periodic benefit cost (income) (a) $ (4) $ (18) $ (9) $ (39) ( a) Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $14 million and $28 million for the three and six months ended June 30, 2023, respectively, compared with income of $30 million and $64 million for the three and six months ended June 30, 2022. In the second quarter of 2022, the Hess Corporation Employees’ Pension Plan purchased a single premium annuity contract at a cost of $166 million using assets of the plan to settle and transfer certain of its obligations to a third party. This partial settlement resulted in a noncash settlement loss of $13 million to recognize unamortized actuarial losses. In the second quarter of 2022, the HOVENSA Legacy Employees' Pension Plan paid lump sums to certain participants totaling $20 million, and purchased a single premium annuity contract at a cost of $80 million, to settle the plan's projected benefit obligation in connection with terminating the plan. The settlement transactions resulted in a noncash settlement gain of $11 million to recognize unamortized actuarial gains. The assets remaining after settlement of the plan's projected benefit obligation of $15 million were transferred to the Hess Corporation Employees' Pension Plan in December 2022. In 2023, we expect to contribute approximately $2 million to our funded pension plans.

Weighted Average Common Shares

Weighted Average Common Shares	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Weighted Average Common Shares	9. Weighted Average Common Shares The Net income and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Net income attributable to Hess Corporation: Net income $ 205 $ 754 $ 633 $ 1,259 Less: Net income attributable to noncontrolling interests 86 87 168 175 Net income attributable to Hess Corporation $ 119 $ 667 $ 465 $ 1,084 Weighted average number of common shares outstanding: Basic 306.0 309.7 305.7 309.3 Effect of dilutive securities Restricted common stock 0.3 0.6 0.5 0.6 Stock options 0.7 0.6 0.7 0.6 Performance share units 0.5 — 0.5 0.1 Diluted 307.5 310.9 307.4 310.6 The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended Six Months Ended 2023 2022 2023 2022 Restricted common stock 1,789 — 61,489 48 Stock options 189,479 269,748 121,226 172,581 Performance share units — 29,668 — 30,510

Guarantees and Contingencies

Guarantees and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Contingencies	10. Guarantees and Contingencies We are subject to loss contingencies with respect to various claims, lawsuits and other proceedings. A liability is recognized in our consolidated financial statements when it is probable that a loss has been incurred and the amount can be reasonably estimated. If the risk of loss is probable, but the amount cannot be reasonably estimated or the risk of loss is only reasonably possible, a liability is not accrued; however, we disclose the nature of those contingencies. We cannot predict with certainty if, how or when existing claims, lawsuits and proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. We, along with many companies that have been or continue to be engaged in refining and marketing of gasoline, have been a party to lawsuits and claims related to the use of methyl tertiary butyl ether (MTBE) in gasoline. A series of similar lawsuits, many involving water utilities or governmental entities, were filed in jurisdictions across the United States against producers of MTBE and petroleum refiners who produced gasoline containing MTBE, including us. The principal allegation in all cases was that gasoline containing MTBE was a defective product and that these producers and refiners are strictly liable in proportion to their share of the gasoline market for damage to groundwater resources and are required to take remedial action to ameliorate the alleged effects on the environment of releases of MTBE. The majority of the cases asserted against us have been settled. There are two remaining active cases, filed by Pennsylvania and Maryland. In June 2014, the Commonwealth of Pennsylvania filed a lawsuit alleging that we and all major oil companies with operations in Pennsylvania, have damaged the groundwater by introducing thereto gasoline with MTBE. The Pennsylvania suit has been forwarded to the existing MTBE multidistrict litigation pending in the Southern District of New York. In December 2017, the State of Maryland filed a lawsuit alleging that we and other major oil companies damaged the groundwater in Maryland by introducing thereto gasoline with MTBE. The suit, filed in Maryland state court, was served on us in January 2018 and has been removed to federal court by the defendants. In March 2014, we received an Administrative Order from the EPA requiring us and 26 other parties to undertake the Remedial Design for the remedy selected by the EPA for the Gowanus Canal Superfund Site in Brooklyn, New York. Our alleged liability derives from our former ownership and operation of a fuel oil terminal and connected shipbuilding and repair facility adjacent to the Canal. The remedy selected by the EPA includes dredging of surface sediments and the placement of a cap over the deeper sediments throughout the Canal and in-situ stabilization of certain contaminated sediments that will remain in place below the cap. The EPA’s original estimate was that this remedy would cost $506 million; however, the ultimate costs that will be incurred in connection with the design and implementation of the remedy remain uncertain. We have complied with the EPA’s March 2014 Administrative Order and contributed funding for the Remedial Design based on an allocation of costs among the parties determined by a third-party expert. In January 2020, we received an additional Administrative Order from the EPA requiring us and several other parties to begin Remedial Action along the uppermost portion of the Canal. We intend to comply with this Administrative Order. The remediation work began in the fourth quarter of 2020. Based on currently known facts and circumstances, we do not believe that this matter will result in a significant liability to us, and the costs will continue to be allocated amongst the parties, as they were for the Remedial Design. From time to time, we are involved in other judicial and administrative proceedings relating to environmental matters. We periodically receive notices from the EPA that we are a “potential responsible party” under the Superfund legislation with respect to various waste disposal sites. Under this legislation, all potentially responsible parties may be jointly and severally liable. For any site for which we have received such a notice, the EPA’s claims or assertions of liability against us relating to these sites have not been fully developed, or the EPA’s claims have been settled or a settlement is under consideration, in all cases for amounts that are not material. Beginning in 2017, certain states, municipalities and private associations in California, Delaware, Maryland, Rhode Island and South Carolina separately filed lawsuits against oil, gas and coal producers, including us, for alleged damages purportedly caused by climate change. These proceedings include claims for monetary damages and injunctive relief. Beginning in 2013, various parishes in Louisiana filed suit against approximately 100 oil and gas companies, including us, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs seek, among other things, the payment of the costs necessary to clear, re-vegetate and otherwise restore the allegedly impacted areas. The ultimate impact of such climate and other aforementioned environmental proceedings, and of any related proceedings by private parties, on our business or accounts cannot be predicted at this time due to the large number of other potentially responsible parties and the speculative nature of clean-up cost estimates. Hess Corporation and its subsidiary HONX, Inc. have been named as defendants in various personal injury claims alleging exposure to asbestos and/or other alleged toxic substances while working at a former refinery (owned and operated by subsidiaries or related entities) located in St. Croix, U.S. Virgin Islands. On April 28, 2022, HONX, Inc. initiated a Chapter 11 § 524G process in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, to resolve these asbestos-related claims. In February 2023, Hess, HONX, Inc., the Unsecured Creditors’ Committee, and counsel representing claimants, reached a mediated resolution of the matter, contingent upon final approvals of all parties and confirmation by the Bankruptcy Court. As of June 30, 2023, we have a provision of $116 million for the amounts expected to be funded to the § 524G trust established for the settlement of claims, based on the mediated resolution. We are also involved in other judicial and administrative proceedings from time to time in addition to the matters described above, including claims related to post-production deductions from royalty and working interest payments. We may also be exposed to future decommissioning liabilities for divested assets in the event the current or future owners of facilities previously owned by us are determined to be unable to perform such actions, whether due to bankruptcy or otherwise. We cannot predict with certainty if, how or when such proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters before a loss or range of loss can be reasonably estimated for any proceeding. Subject to the foregoing, in management’s opinion, based upon currently known facts and circumstances, the outcome of lawsuits, claims and proceedings, including the matters disclosed above, is not expected to have a material adverse effect on our financial condition, results of operations or cash flows. However, we could incur judgments, enter into settlements, or revise our opinion regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations in the period in which the amounts are accrued and our cash flows in the period in which the amounts are paid.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	11. Segment Information We currently have two operating segments, Exploration and Production and Midstream. All unallocated costs are reflected under Corporate, Interest and Other. The following table presents operating segment financial data: Exploration and Production Midstream Corporate, Interest and Other Eliminations Total (In millions) For the Three Months Ended June 30, 2023 Sales and other operating revenues $ 2,287 $ 2 $ — $ — $ 2,289 Intersegment revenues — 322 — (322) — Total sales and other operating revenues $ 2,287 $ 324 $ — $ (322) $ 2,289 Net income (loss) attributable to Hess Corporation $ 155 $ 62 $ (98) $ — $ 119 Depreciation, depletion and amortization 450 47 — — 497 Impairment and other 82 — — — 82 Provision for income taxes 152 8 — — 160 Capital expenditures 904 52 — — 956 For the Three Months Ended June 30, 2022 Sales and other operating revenues $ 2,955 $ — $ — $ — $ 2,955 Intersegment revenues — 314 — (314) — Total sales and other operating revenues $ 2,955 $ 314 $ — $ (314) $ 2,955 Net income (loss) attributable to Hess Corporation $ 723 $ 65 $ (121) $ — $ 667 Depreciation, depletion and amortization 345 44 2 — 391 Provision for income taxes 321 7 — — 328 Capital expenditures 593 72 — — 665 For the Six Months Ended June 30, 2023 Sales and other operating revenues $ 4,696 $ 4 $ — $ — $ 4,700 Intersegment revenues — 625 — (625) — Total sales and other operating revenues $ 4,696 $ 629 $ — $ (625) $ 4,700 Net income (loss) attributable to Hess Corporation $ 560 $ 123 $ (218) $ — $ 465 Depreciation, depletion and amortization 893 94 1 — 988 Impairment and other 82 — — — 82 Provision for income taxes 322 14 — — 336 Capital expenditures 1,639 109 — — 1,748 For the Six Months Ended June 30, 2022 Sales and other operating revenues $ 5,268 $ — $ — $ — $ 5,268 Intersegment revenues — 626 — (626) — Total sales and other operating revenues $ 5,268 $ 626 $ — $ (626) $ 5,268 Net income (loss) attributable to Hess Corporation $ 1,183 $ 137 $ (236) $ — $ 1,084 Depreciation, depletion and amortization 637 89 2 — 728 Provision for income taxes 513 12 — — 525 Capital expenditures 1,136 109 — — 1,245 Corporate, Interest and Other had interest income of $21 million and $41 million for the three and six months ended June 30, 2023, respectively, compared to $3 million for both the three and six months ended June 30, 2022. Interest income is included in Other, net in the Statement of Consolidated Income . Identifiable assets by operating segment were as follows: June 30, December 31, (In millions) Exploration and Production $ 15,792 $ 15,022 Midstream 3,864 3,775 Corporate, Interest and Other 2,574 2,898 Total $ 22,230 $ 21,695

Financial Risk Management Activ

Financial Risk Management Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Risk Management Activities	12. Financial Risk Management Activities In the normal course of our business, we are exposed to commodity risks related to changes in the prices of crude oil and natural gas, as well as changes in interest rates and foreign currency values. Financial risk management activities include transactions designed to reduce risk in the selling prices of crude oil or natural gas we produce or reduce our exposure to foreign currency or interest rate movements. Generally, futures, swaps or option strategies may be used to fix the forward selling price, or establish a floor price or a range banded with a floor and ceiling price, for a portion of our crude oil or natural gas production. Forward contracts or swaps may also be used to purchase certain currencies in which we conduct business with the intent of reducing exposure to foreign currency fluctuations. At June 30, 2023, these instruments relate to the British Pound and Malaysian Ringgit. Interest rate swaps may be used to convert interest payments on certain long-term debt from fixed to floating rates. The notional amounts of outstanding financial risk management derivative contracts were as follows: June 30, December 31, (In millions) Commodity - crude oil hedge contracts (millions of barrels) 23.9 — Foreign exchange forwards / swaps $ 236 $ 177 Interest rate swaps $ 100 $ 100 In the first quarter of 2023, we hedged 80,000 barrels of oil per day (bopd) with WTI put options with an average monthly floor price of $70 per barrel, and 50,000 bopd with Brent put options with an average monthly floor price of $75 per barrel, for the remainder of 2023. The table below reflects the fair values of risk management derivative instruments. Assets Liabilities (In millions) June 30, 2023 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 100 $ — Interest rate swaps — (3) Total derivative contracts designated as hedging instruments 100 (3) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — — Total derivative contracts not designated as hedging instruments — — Gross fair value of derivative contracts 100 (3) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 100 $ (3) December 31, 2022 Derivative Contracts Designated as Hedging Instruments: Interest rate swaps $ — $ (4) Total derivative contracts designated as hedging instruments — (4) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — (2) Total derivative contracts not designated as hedging instruments — (2) Gross fair value of derivative contracts — (6) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ — $ (6) The fair value of our crude oil hedge contracts is presented within Other current assets in our Consolidated Balance Sheet . The fair value of our interest rate swaps is presented within Other liabilities and deferred credits in our Consolidated Balance Sheet . The fair value of our foreign exchange forwards and swaps is presented within Accrued liabilities in our Consolidated Balance Sheet . All fair values in the table above are based on Level 2 inputs. Derivative contracts designated as hedging instruments: Crude oil derivatives designated as cash flow hedges: Crude oil hedging contracts decreased Sales and other operating revenues by $52 million and $86 million in the three and six months ended June 30, 2023, respectively. In the three and six months ended June 30, 2022, crude oil hedging contracts decreased Sales and other operating revenues by $163 million and $255 million, respectively. At June 30, 2023, pre-tax deferred losses in Accumulated other comprehensive income (loss) related to outstanding crude oil hedging contracts were $4 million ($4 million after income taxes), all of which will be reclassified into earnings during the remainder of 2023 as the hedged crude oil sales are recognized in earnings. Derivative contracts not designated as hedging instruments: Foreign exchange: Foreign exchange gains and losses, which are reported in Other, net in Revenues and non-operating income in the Statement of Consolidated Income, were losses of $2 million and nil in the three and six months ended June 30, 2023, respectively, compared with losses of $3 million in both the three and six months ended June 30, 2022. A component of foreign exchange gains and losses is the result of foreign exchange derivative contracts that are not designated as hedges, which amounted to net losses of nil and $2 million in the three and six months ended June 30, 2023, respectively, compared with net gains of $10 million and $14 million in the three and six months ended June 30, 2022, respectively. Fair Value Measurement: At June 30, 2023, our total long-term debt, which was substantially comprised of fixed-rate debt instruments, had a carrying value of $8,467 million and a fair value of $8,374 million based on Level 2 inputs in the fair value measurement hierarchy. We also have short-term financial instruments, primarily cash equivalents, accounts receivable and accounts payable, for which the carrying value approximated fair value at June 30, 2023 and December 31, 2022.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: June 30, December 31, (In millions) Crude oil and natural gas liquids $ 84 $ 63 Materials and supplies 194 154 Total Inventories $ 278 $ 217

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Net Changes in Capitalized Exploratory Well Costs	The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the six months ended June 30, 2023 (in millions): Balance at January 1, 2023 $ 886 Additions to capitalized exploratory well costs pending the determination of proved reserves 128 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (78) Capitalized exploratory well costs charged to expense (6) Balance at June 30, 2023 $ 930

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued Liabilities consisted of the following: June 30, December 31, (In millions) Accrued capital expenditures $ 589 $ 499 Accrued operating and marketing expenditures 400 522 Current portion of asset retirement obligations 241 207 Accrued payments to royalty and working interest owners 179 201 Accrued interest on debt 144 143 Accrued compensation and benefits 76 132 Other accruals 125 136 Total Accrued Liabilities $ 1,754 $ 1,840

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Revenue from Contracts with Customers on a Disaggregated Basis	Revenue from contracts with customers on a disaggregated basis was as follows (in millions): Exploration and Production Midstream Eliminations Total United States Guyana Malaysia and JDA Other (a) E&P Total Three Months Ended June 30, 2023 Sales of net production volumes: Crude oil revenue $ 710 $ 787 $ 24 $ — $ 1,521 $ — $ — $ 1,521 Natural gas liquids revenue 112 — — — 112 — — 112 Natural gas revenue 38 — 182 — 220 — — 220 Sales of purchased oil and gas 469 15 — — 484 — — 484 Intercompany revenue — — — — — 322 (322) — Total sales (b) 1,329 802 206 — 2,337 322 (322) 2,337 Other operating revenues (c) (30) (20) — — (50) 2 — (48) Total sales and other operating revenues $ 1,299 $ 782 $ 206 $ — $ 2,287 $ 324 $ (322) $ 2,289 Three Months Ended June 30, 2022 Sales of net production volumes: Crude oil revenue $ 895 $ 681 $ 37 $ 170 $ 1,783 $ — $ — $ 1,783 Natural gas liquids revenue 173 — — — 173 — — 173 Natural gas revenue 126 — 215 5 346 — — 346 Sales of purchased oil and gas 761 18 — 36 815 — — 815 Intercompany revenue — — — — — 314 (314) — Total sales (b) 1,955 699 252 211 3,117 314 (314) 3,117 Other operating revenues (c) (95) (52) — (15) (162) — — (162) Total sales and other operating revenues $ 1,860 $ 647 $ 252 $ 196 $ 2,955 $ 314 $ (314) $ 2,955 Six Months Ended June 30, 2023 Sales of net production volumes: Crude oil revenue $ 1,379 $ 1,612 $ 53 $ — $ 3,044 $ — $ — $ 3,044 Natural gas liquids revenue 253 — — — 253 — — 253 Natural gas revenue 92 — 362 — 454 — — 454 Sales of purchased oil and gas 996 32 — — 1,028 — — 1,028 Intercompany revenue — — — — — 625 (625) — Total sales (b) 2,720 1,644 415 — 4,779 625 (625) 4,779 Other operating revenues (c) (56) (27) — — (83) 4 — (79) Total sales and other operating revenues $ 2,664 $ 1,617 $ 415 $ — $ 4,696 $ 629 $ (625) $ 4,700 Six Months Ended June 30, 2022 Sales of net production volumes: Crude oil revenue $ 1,731 $ 907 $ 68 $ 316 $ 3,022 $ — $ — $ 3,022 Natural gas liquids revenue 354 — — — 354 — — 354 Natural gas revenue 211 — 405 10 626 — — 626 Sales of purchased oil and gas 1,421 22 — 71 1,514 — — 1,514 Intercompany revenue — — — — — 626 (626) — Total sales (b) 3,717 929 473 397 5,516 626 (626) 5,516 Other operating revenues (c) (153) (67) — (28) (248) — — (248) Total sales and other operating revenues $ 3,564 $ 862 $ 473 $ 369 $ 5,268 $ 626 $ (626) $ 5,268 (a) Other includes our interest in the Waha Concession in Libya, which was sold in November 2022. (b) Guyana crude oil revenue includes $88 million and $196 million of revenue from non-customers for the three and six months ended June 30, 2023, respectively. There was no revenue from non-customers for the three and six months ended June 30, 2022. (c) Other operating revenues are not a component of revenues from contracts with customers, and primarily includes gains (losses) on commodity derivatives.

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Pension Cost	Components of net periodic benefit cost consisted of the following: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Service cost $ 10 $ 12 $ 19 $ 25 Interest cost (a) 25 17 50 33 Expected return on plan assets (a) (40) (52) (79) (105) Amortization of unrecognized net actuarial losses (a) 1 3 1 6 Settlement loss (a) — 2 $ — $ 2 Net periodic benefit cost (income) (a) $ (4) $ (18) $ (9) $ (39) ( a) Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $14 million and $28 million for the three and six months ended June 30, 2023, respectively, compared with income of $30 million and $64 million for the three and six months ended June 30, 2022.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) and Weighted Average Number of Common Shares Used in Computation of Basic and Diluted Earnings Per Share	The Net income and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Net income attributable to Hess Corporation: Net income $ 205 $ 754 $ 633 $ 1,259 Less: Net income attributable to noncontrolling interests 86 87 168 175 Net income attributable to Hess Corporation $ 119 $ 667 $ 465 $ 1,084 Weighted average number of common shares outstanding: Basic 306.0 309.7 305.7 309.3 Effect of dilutive securities Restricted common stock 0.3 0.6 0.5 0.6 Stock options 0.7 0.6 0.7 0.6 Performance share units 0.5 — 0.5 0.1 Diluted 307.5 310.9 307.4 310.6
Summary of Antidilutive Shares Excluded from Computation of Diluted Shares	The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended Six Months Ended 2023 2022 2023 2022 Restricted common stock 1,789 — 61,489 48 Stock options 189,479 269,748 121,226 172,581 Performance share units — 29,668 — 30,510

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Financial Data by Operating Segment	The following table presents operating segment financial data: Exploration and Production Midstream Corporate, Interest and Other Eliminations Total (In millions) For the Three Months Ended June 30, 2023 Sales and other operating revenues $ 2,287 $ 2 $ — $ — $ 2,289 Intersegment revenues — 322 — (322) — Total sales and other operating revenues $ 2,287 $ 324 $ — $ (322) $ 2,289 Net income (loss) attributable to Hess Corporation $ 155 $ 62 $ (98) $ — $ 119 Depreciation, depletion and amortization 450 47 — — 497 Impairment and other 82 — — — 82 Provision for income taxes 152 8 — — 160 Capital expenditures 904 52 — — 956 For the Three Months Ended June 30, 2022 Sales and other operating revenues $ 2,955 $ — $ — $ — $ 2,955 Intersegment revenues — 314 — (314) — Total sales and other operating revenues $ 2,955 $ 314 $ — $ (314) $ 2,955 Net income (loss) attributable to Hess Corporation $ 723 $ 65 $ (121) $ — $ 667 Depreciation, depletion and amortization 345 44 2 — 391 Provision for income taxes 321 7 — — 328 Capital expenditures 593 72 — — 665 For the Six Months Ended June 30, 2023 Sales and other operating revenues $ 4,696 $ 4 $ — $ — $ 4,700 Intersegment revenues — 625 — (625) — Total sales and other operating revenues $ 4,696 $ 629 $ — $ (625) $ 4,700 Net income (loss) attributable to Hess Corporation $ 560 $ 123 $ (218) $ — $ 465 Depreciation, depletion and amortization 893 94 1 — 988 Impairment and other 82 — — — 82 Provision for income taxes 322 14 — — 336 Capital expenditures 1,639 109 — — 1,748 For the Six Months Ended June 30, 2022 Sales and other operating revenues $ 5,268 $ — $ — $ — $ 5,268 Intersegment revenues — 626 — (626) — Total sales and other operating revenues $ 5,268 $ 626 $ — $ (626) $ 5,268 Net income (loss) attributable to Hess Corporation $ 1,183 $ 137 $ (236) $ — $ 1,084 Depreciation, depletion and amortization 637 89 2 — 728 Provision for income taxes 513 12 — — 525 Capital expenditures 1,136 109 — — 1,245 Corporate, Interest and Other had interest income of $21 million and $41 million for the three and six months ended June 30, 2023, respectively, compared to $3 million for both the three and six months ended June 30, 2022. Interest income is included in Other, net in the Statement of Consolidated Income . Identifiable assets by operating segment were as follows: June 30, December 31, (In millions) Exploration and Production $ 15,792 $ 15,022 Midstream 3,864 3,775 Corporate, Interest and Other 2,574 2,898 Total $ 22,230 $ 21,695

Financial Risk Management Act_2

Financial Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amounts of Outstanding Financial Risk Management Derivative Contracts	The notional amounts of outstanding financial risk management derivative contracts were as follows: June 30, December 31, (In millions) Commodity - crude oil hedge contracts (millions of barrels) 23.9 — Foreign exchange forwards / swaps $ 236 $ 177 Interest rate swaps $ 100 $ 100
Fair Values of Financial Risk Management Derivative Instruments	The table below reflects the fair values of risk management derivative instruments. Assets Liabilities (In millions) June 30, 2023 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 100 $ — Interest rate swaps — (3) Total derivative contracts designated as hedging instruments 100 (3) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — — Total derivative contracts not designated as hedging instruments — — Gross fair value of derivative contracts 100 (3) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 100 $ (3) December 31, 2022 Derivative Contracts Designated as Hedging Instruments: Interest rate swaps $ — $ (4) Total derivative contracts designated as hedging instruments — (4) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — (2) Total derivative contracts not designated as hedging instruments — (2) Gross fair value of derivative contracts — (6) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ — $ (6)

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 84	$ 63
Materials and supplies	194	154
Total Inventories	$ 278	$ 217

Property, Plant and Equipment -

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Abstract]
Beginning balance	$ 886
Additions to capitalized exploratory well costs pending the determination of proved reserves	128
Reclassification to Well, Facilities, and Equipment Based on Determination of Proved Reserves	(78)
Capitalized Exploratory Well Cost, Charged to Expense	(6)
Ending balance	$ 930

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) well	Dec. 31, 2022 USD ($)
Capitalized Exploratory Well Costs [Line Items]
Capitalized exploratory well costs	$ 930	$ 886
Well costs incurred and expensed	87
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 653
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	30%
Exploration and appraisal wells | well	32
Capitalized exploratory well costs	$ 738
Capitalized well costs percentage	85%
Mississippi Canyon Block, Gulf of Mexico
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	100%
Green Canyon Block, Gulf of Mexico
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	40%
Capitalized well costs percentage	8%
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	50%
Capitalized well costs percentage	6%
Number of successful exploration wells drilled | well	3
North Malay Basin, Offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	5,000%
Capitalized well costs percentage	1%
Number of successful exploration wells drilled | well	1

Hess Midstream LP (Detail)

Hess Midstream LP (Detail) shares in Thousands, $ in Millions	1 Months Ended				3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) shares ft³	May 31, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Apr. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) ft³	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft³	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Liabilities	$ 13,328				$ 13,328		$ 13,328		$ 13,199
Cash and cash equivalents	2,226				2,226		2,226		2,486
Property, plant and equipment, net	$ 15,741				$ 15,741		$ 15,741		15,098
Gas processing capacity of LM4 | ft³	200,000,000				200,000,000		200,000,000
Joint venture percentage owned by Targa Resources Corp	50%				50%		50%
Processing fees incurred					$ 6	$ 4	$ 11	$ 9
Percent interest in consolidated entity					38%
Number of Class B units repurchased by Hess Midstream LP (in shares) | shares	3,400		3,600	13,600
Proceeds from repurchase of units held by Hess Corporation and Global Infrastructure Partners, by Hess Midstream Operations LP	$ 100		$ 100	$ 400
Repurchase of Class B units of Hess Midstream Operations LP					$ (44)	(183)	(90)	(183)
Deferred tax impact to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary	6		4	17
Proceeds to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary	50		50	$ 200
Number of Class A shares of subsidiary public offering (in shares) | shares		12,800		10,200
Proceeds from sale of Class A shares of Hess Midstream LP		$ 167		$ 146			167	146
Sale of Class A shares of Hess Midstream LP					251	218	251	218
Principal amount of senior unsecured notes issued by Hess Midstream Operations LP						$ 400		$ 400
Interest rate of senior unsecured notes issued by Hess Midstream Operations LP						5.50%		5.50%
Capital in Excess of Par
Variable Interest Entity [Line Items]
Repurchase of Class B units of Hess Midstream Operations LP	(11)		8	(32)	11	$ (32)	(19)	$ (32)
Sale of Class A shares of Hess Midstream LP				130	158	130	158	130
Noncontrolling Interests
Variable Interest Entity [Line Items]
Repurchase of Class B units of Hess Midstream Operations LP	$ (11)		$ 8	(32)	$ (55)	(215)	(109)	(215)
Sale of Class A shares of Hess Midstream LP		93		88		$ 88	$ 93	$ 88
Noncontrolling Interests | Change In Ownership
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		9		16
Noncontrolling Interests | Recognition Of Deferred Tax Asset
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		$ 84		$ 72
Little Missouri Four
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage	50%				50%		50%
Variable Interest Entity | Hess Midstream LP
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 3				$ 3		$ 3		3
Property, plant and equipment, net	3,188				3,188		3,188		3,173
Variable Interest Entity | Hess Midstream LP | Nonrecourse
Variable Interest Entity [Line Items]
Liabilities	3,201				3,201		3,201		3,027
Variable Interest Entity | Hess Midstream LP | Little Missouri Four
Variable Interest Entity [Line Items]
Equity method investment in LM4	$ 93				$ 93		$ 93		$ 94

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued operating and marketing expenditures	$ 400	$ 522
Accrued capital expenditures	589	499
Accrued payments to royalty and working interest owners	179	201
Current portion of asset retirement obligations	241	207
Accrued interest on debt	144	143
Accrued compensation and benefits	76	132
Other accruals	125	136
Accrued liabilities	$ 1,754	$ 1,840

Revenue - Summary of Revenue fr

Revenue - Summary of Revenue from Contracts with Customers on a Disaggregated Basis (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		$ 3,117		$ 5,516
Revenue from both contract with customer and not from contract with customer	$ 2,337		$ 4,779
Other operating revenues	(48)	(162)	(79)	(248)
Total revenues and non-operating income	2,289	2,955	4,700	5,268
Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		1,783		3,022
Revenue from both contract with customer and not from contract with customer	1,521		3,044
Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	112	173	253	354
Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	220	346	454	626
Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	484	815	1,028	1,514
Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	2,287	2,955	4,696	5,268
Exploration and Production | Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		1,783		3,022
Revenue from both contract with customer and not from contract with customer	1,521		3,044
Exploration and Production | Crude oil revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	710	895	1,379	1,731
Exploration and Production | Crude oil revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		681		907
Revenue from both contract with customer and not from contract with customer	787		1,612
Revenue not from contract with customer	88	0	196	0
Exploration and Production | Crude oil revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	24	37	53	68
Exploration and Production | Crude oil revenue | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	170	0	316
Exploration and Production | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	112	173	253	354
Exploration and Production | Natural gas liquids revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	112	173	253	354
Exploration and Production | Natural gas liquids revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production | Natural gas liquids revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production | Natural gas liquids revenue | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production | Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	220	346	454	626
Exploration and Production | Natural gas revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	38	126	92	211
Exploration and Production | Natural gas revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production | Natural gas revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	182	215	362	405
Exploration and Production | Natural gas revenue | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	5	0	10
Exploration and Production | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	484	815	1,028	1,514
Exploration and Production | Sales of purchased oil and gas | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	469	761	996	1,421
Exploration and Production | Sales of purchased oil and gas | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	15	18	32	22
Exploration and Production | Sales of purchased oil and gas | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production | Sales of purchased oil and gas | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	36	0	71
Midstream
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	2	0	4	0
Midstream | Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream | Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Operating Segments | Exploration and Production
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		3,117		5,516
Revenue from both contract with customer and not from contract with customer	2,337		4,779
Other operating revenues	(50)	(162)	(83)	(248)
Total revenues and non-operating income	2,287	2,955	4,696	5,268
Operating Segments | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	1,329	1,955	2,720	3,717
Other operating revenues	(30)	(95)	(56)	(153)
Total revenues and non-operating income	1,299	1,860	2,664	3,564
Operating Segments | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		699		929
Revenue from both contract with customer and not from contract with customer	802		1,644
Other operating revenues	(20)	(52)	(27)	(67)
Total revenues and non-operating income	782	647	1,617	862
Operating Segments | Exploration and Production | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	206	252	415	473
Other operating revenues	0	0	0	0
Total revenues and non-operating income	206	252	415	473
Operating Segments | Exploration and Production | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	211	0	397
Other operating revenues	0	(15)	0	(28)
Total revenues and non-operating income	0	196	0	369
Operating Segments | Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	322	314	625	626
Other operating revenues	2	0	4	0
Total revenues and non-operating income	324	314	629	626
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	(322)	(314)	(625)	(626)
Other operating revenues	0	0	0	0
Total revenues and non-operating income	(322)	(314)	(625)	(626)
Eliminations | Exploration and Production
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Total revenues and non-operating income	0	0	0	0
Eliminations | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations | Exploration and Production | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations | Exploration and Production | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations | Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	322	314	625	626
Total revenues and non-operating income	$ 322	$ 314	$ 625	$ 626

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer, asset	$ 0	$ 0
Contract with customer, liability	$ 27,000,000	$ 24,000,000

Impairment and Other (Details)

Impairment and Other (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Asset Impairment Charges [Abstract]
Impairment and other	$ 82	$ 0	$ 82	$ 0
Impairment and other, after tax	$ 82

Retirement Plans - Components o

Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Service cost	$ 10	$ 12	$ 19	$ 25
Interest cost	25	17	50	33
Expected return on plan assets	(40)	(52)	(79)	(105)
Amortization of unrecognized net actuarial losses	1	3	1	6
Settlement loss	0	2	0	2
Pension (income) expense	(4)	(18)	(9)	(39)
Net non-service pension (income) costs included in other, net	$ (14)	$ (30)	$ (28)	$ (64)

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss	$ 0	$ (2)	$ 0	$ (2)
Corporation's estimated contribution for funded pension plans in current fiscal year	$ 2		$ 2
Hess Corporation Employees’ Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss		13
Hess Corporation Employees’ Pension Plan | Single Premium Annuity Contract
Defined Benefit Plan Disclosure [Line Items]
Plan settlements		166
HOVENSA Legacy Employees' Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss		11
Assets remaining after settlement of the plan's projected benefit obligation					$ 15
HOVENSA Legacy Employees' Pension Plan | Single Premium Annuity Contract
Defined Benefit Plan Disclosure [Line Items]
Plan settlements		80
HOVENSA Legacy Employees' Pension Plan | Lump Sum Payments
Defined Benefit Plan Disclosure [Line Items]
Plan settlements		$ 20

Weighted Average Common Share_2

Weighted Average Common Shares - Net Income (Loss) and Weighted Average Number of Common Shares Used in Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income attributable to Hess Corporation:
Net income	$ 205	$ 754	$ 633	$ 1,259
Less: Net income attributable to noncontrolling interests	86	87	168	175
Net Income Attributable to Hess Corporation	$ 119	$ 667	$ 465	$ 1,084
Weighted average number of common shares outstanding:
Basic (in shares)	306,000	309,700	305,700	309,300
Diluted (in shares)	307,500	310,900	307,400	310,600
Restricted common stock
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	300	600	500	600
Stock options
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	700	600	700	600
Performance share units
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	500	0	500	100

Weighted Average Common Share_3

Weighted Average Common Shares - Summary of Antidilutive Shares Excluded from Computation of Diluted Shares (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	1,789	0	61,489	48
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	189,479	269,748	121,226	172,581
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	0	29,668	0	30,510

Weighted Average Common Share_4

Weighted Average Common Shares - Additional Information (Detail) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Shares granted, restricted stock (in shares)	451,226	565,318
Shares granted, performance share units (in shares)	130,272	178,008
Shares granted, stock options (in shares)	189,479	269,748

Guarantees and Contingencies (D

Guarantees and Contingencies (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) case
Loss Contingencies [Line Items]
Loss contingency accrual	$ 116
MTBE Cases
Loss Contingencies [Line Items]
Total number of remaining active cases filed | case	2
Gowanus Canal Superfund Site
Loss Contingencies [Line Items]
Estimated remediation cost	$ 506

Segment Information - Schedule

Segment Information - Schedule of Financial Data by Operating Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 2,289	$ 2,955	$ 4,700	$ 5,268
Net income (loss) attributable to Hess Corporation	119	667	465	1,084
Depreciation, depletion and amortization	497	391	988	728
Impairment and other	82	0	82	0
Provision for income taxes	160	328	336	525
Capital expenditures	956	665	1,748	1,245
Assets	22,230		22,230		$ 21,695
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,287	2,955	4,696	5,268
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	2	0	4	0
Operating Segments | Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,287	2,955	4,696	5,268
Net income (loss) attributable to Hess Corporation	155	723	560	1,183
Depreciation, depletion and amortization	450	345	893	637
Impairment and other	82		82
Provision for income taxes	152	321	322	513
Capital expenditures	904	593	1,639	1,136
Assets	15,792		15,792		15,022
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	324	314	629	626
Net income (loss) attributable to Hess Corporation	62	65	123	137
Depreciation, depletion and amortization	47	44	94	89
Impairment and other	0		0
Provision for income taxes	8	7	14	12
Capital expenditures	52	72	109	109
Assets	3,864		3,864		3,775
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Net income (loss) attributable to Hess Corporation	(98)	(121)	(218)	(236)
Depreciation, depletion and amortization	0	2	1	2
Impairment and other	0		0
Provision for income taxes	0	0	0	0
Capital expenditures	0	0	0	0
Interest income	21	3	41	3
Assets	2,574		2,574		$ 2,898
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(322)	(314)	(625)	(626)
Net income (loss) attributable to Hess Corporation	0	0	0	0
Depreciation, depletion and amortization	0	0	0	0
Impairment and other	0		0
Provision for income taxes	0	0	0	0
Capital expenditures	0	0	0	0
Eliminations | Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0	0
Eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 322	$ 314	$ 625	$ 626

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	2

Financial Risk Management Act_3

Financial Risk Management Activities - Notional Amounts of Outstanding Financial Risk Management Derivative Contracts (Detail) MMBbls in Millions, $ in Millions	Jun. 30, 2023 USD ($) MMBbls	Dec. 31, 2022 USD ($) MMBbls
Commodity Options / Collars
Derivative [Line Items]
Commodity - crude oil | MMBbls	23.9	0
Foreign Exchange Forwards / Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 236	$ 177
Interest Rate Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 100	$ 100

Financial Risk Management Act_4

Financial Risk Management Activities - Fair Values of Financial Risk Management Derivative Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	$ 100	$ 0
Liabilities - Gross fair value of derivative contracts	(3)	(6)
Assets - Gross amounts offset in the Consolidated Balance Sheet	0	0
Liabilities - Gross amounts offset in the Consolidated Balance Sheet	0	0
Derivative assets	100	0
Derivative liabilities	(3)	(6)
Derivative Contracts Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	100	0
Liabilities - Gross fair value of derivative contracts	(3)	(4)
Derivative Contracts Designated as Hedging Instruments: | Commodity Options / Collars
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	100
Liabilities - Gross fair value of derivative contracts	0
Derivative Contracts Designated as Hedging Instruments: | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	(3)	(4)
Derivative Contracts Not Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	0	(2)
Derivative Contracts Not Designated as Hedging Instruments: | Foreign Exchange Forwards / Swaps
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	$ 0	$ (2)

Financial Risk Management Act_5

Financial Risk Management Activities - Additional Information (Detail) - Commodity Options / Collars bbl in Thousands, MMBbls in Millions	Jun. 30, 2023 MMBbls bbl $ / bbl	Dec. 31, 2022 MMBbls
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | MMBbls	23.9	0
West Texas Intermediate
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | bbl	80
Average monthly floor price (US dollar per barrel) | $ / bbl	70
Brent
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | bbl	50
Average monthly floor price (US dollar per barrel) | $ / bbl	75

Financial Risk Management Act_6

Financial Risk Management Activities - Derivative Contracts - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Contracts Designated as Hedging Instruments: | Commodity Options / Collars | Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Increase (decrease) in sales and other operating revenues due to hedging instruments	$ (52)	$ (163)	$ (86)	$ (255)
Pre-tax deferred income (losses) in Accumulated other comprehensive income (loss) to be reclassified into earnings within the next twelve months			(4)
Deferred losses in Accumulated other comprehensive income (loss) related to outstanding crude oil hedging contracts, net of tax			(4)
Derivative Contracts Not Designated as Hedging Instruments: | Foreign Exchange Forwards / Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange gains (losses) reported in Other, net in the Statement of Consolidated Income	(2)	(3)	0	(3)
Net gains (losses) on foreign exchange contracts not designated as hedging instruments	$ 0	$ 10	$ (2)	$ 14

Financial Risk Management Act_7

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Long-term debt	$ 8,467
Long-term debt, fair value	$ 8,374